A lot of people think of KiwiSaver as a “savings account” that they can’t access until they turn 65 or if they’re buying their first home. It becomes a bit of a back burner subject, “I don’t know who my fund manager is”, “I don’t know what I contribute”, or, “I don’t know what sort of fund I’m in”.
KiwiSaver isn't a savings account, it is an investment that is contributed to by yourself, your employer, and the government. It has gains and losses as markets fluctuate - you may have questions about your KiwiSaver that an advisor can answer.
These are things that you should know if you have KiwiSaver.
Taking an interest in where your money is going.
The type of fund it is in and how much you are contributing is a key part of taking control of your overall financial wellbeing.
Usually, KiwiSaver reviews are done at the same time as insurance or mortgage reviews for my clients. It is an opportunity to discuss how funds have been tracking and to find out if there have been any changes to your financial situation that could have an effect on how you contribute. We can also discuss if your investment preferences have changed and if the type of fund you are in needs to change.
Are you closer to a milestone like purchasing your first home or retiring? If so, let’s look at making changes to how volatile a fund you are in.
If you currently have your KiwiSaver with your bank, you likely won’t be getting regular advice. I review many KiwiSaver’s currently held with a bank, and clients are usually blown away by what they didn’t know and what options are available to them from non-bank providers.
Over time, it will become apparent just how valuable having an advisor for your KiwiSaver is. Starting with a simple review, and regular reviews thereafter, the rewards can be reaped very quickly.
